UBS

Merlin Properties, the largest Spanish real estate investment trust, has announced a fully underwritten rights issue, to raise €613.8m, a 50% capital increase. It is also considering bond issuance in future.

After a quiet start to European block trade activity in the week after Easter, deals began in earnest this week, with five substantial selldowns of companies floated in the past two years, and then a €198m trade in Abertis on Thursday evening.

UBS, Bank of America Merrill Lynch and JP Morgan are tonight selling a 1.34% stake in Abertis Infraestructuras, the Spanish construction and concessions company, to hedge a derivative transaction with Obrascon Huarte Lain.

Private equity firm Carlyle has raised HK$3.29bn ($424m) by selling all of its shares in Haier Electronics Group, through a block deal that materialised after bankers spent nearly two weeks wooing the seller.

China Cinda Asset Management was at the heart of two blocks within a span of just a few days, as shareholders UBS and Citic Capital Financial Holding trimmed their holdings amid an intense rally in the company’s share price.

The Asian IPO market has picked up a notch this week, with Shanghai Haohai Biological Technology opening books for its Hong Kong listing and others across the region also preparing deals.

China’s Legend Holdings has filed its much-awaited draft prospectus for an IPO worth $2bn-$3bn, as the Lenovo owner eyes a June listing.

Changing investor attitudes towards contractual point of non-viability allowed Commonwealth Bank of Australia to draw a solid order book for a euro tier two deal on Wednesday.

Indonesia’s Bumi Serpong Damai (BSD) has kicked off a roadshow on the week of April 13 ahead of its first outing to the offshore debt market with a five year dollar bond.

Shanghai Haohai Biological Technology has put into action its plans for a listing on the Hong Kong Stock Exchange, opening books for a HK$2.36bn ($304m) IPO on April 15.

China Communications Construction Co (CCCC) made a successful debut in the international bond market on April 14 with a senior perpetual bond. Its rarity value, attractive pricing and great timing drew huge demand from investors, which allowed the issuer to achieve the lowest coupon for a senior dollar perp in Asia.

The FIG market could be set for a spate of issuance from the eurozone’s periphery in the coming weeks, with bankers tipping other financial institutions to follow Spanish pair CaixaBank and Ibercaja into the primary market.